A team of hedge funds managers at Societe Generale is leaving to set up their own hedge fund with capital from the French bank, La Tribune reported on Tuesday.

The paper said the move was led by Arié Assayag, head of Sgam Alternative Investments at SocGen, who would take with him some 15 members of staff to create a new outfit called Premium Asset Management (PAM).

The new fund, which has not been approved yet by the French stocks market regulator AMF, would receive some 20 million to 60 million euros from Lyxor, a SocGen fund, the newspaper added.

No-one was immediately available for comment at SocGen.

(Reporting by Michel Rose)

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